CP names Demosky as EVP-CFO

Canadian Pacific appointed Bart Demosky to executive vice president and chief financial officer (CFO), effective December 28, 2013; Brian Grassby will retire as the company's senior vice president and CFO at year-end.

Demosky joins CP from Suncor Energy where he had been chief financial officer since 2009. His career at Suncor began in 2006 when he was appointed vice president and treasurer. In 2008, Demosky was appointed senior vice president business services. Demosky brings to CP more than 25 years of senior financial, strategic, operations and risk management experience.

"Our search for a new CFO began when Brian informed us of his decision to retire at the end of the year," said E. Hunter Harrison, CP's chief executive officer. "This was the most comprehensive North American CFO search process in my career, as management and the board recognized the importance of bringing in someone with the breadth of business experience and financial talent required to help lead this organization forward. In Bart Demosky, we believe we have found that individual. Bart is arguably one of the top CFO's in Canadian business and we are thrilled that he will be joining our team. I would also like to thank Brian for his years of dedicated service to CP and wish him all the best in retirement."

"The transformation of CP, one of Canada's most iconic organizations, is without question one of the most successful turnaround stories in Canadian history," said Demosky. "I am honored and excited by this opportunity to work along side Hunter Harrison and the CP team and lead the finance organization as we continue the incredible progress that has already begun."

As CP's executive vice president and CFO, Demosky will be a key member of the senior management team responsible for helping plan the long-term strategic direction of the company. Other responsibilities will include financial planning, reporting and accounting systems, as well as pension, treasury and tax.